3 ms·
Lets just take the shortcut: Who assigns the the proofing unit? The metric doesn't even matter, it is a question of who. Now, who controls that? Once you figure
by tal8d 6y ago
Lets just take the shortcut: Who assigns the the proofing unit? The metric doesn't even matter, it is a question of who. Now, who controls that? Once you figure that out you'll realize that you are trusting parties that you either didn't know you were trusting, or you kinda knew but didn't want to think too hard about because nobody really cares about chucky cheese coin. You can't be rewarded for performing useful compute without some degree of implicit trust, which makes you dependent on the other party. You can dress it up with quorum algorithms, etc - but it only further obscures the underlying vulnerability. That is fine for a token system, but not for a cryptocurrency.
- Apocryphon 6y agoOkay, thank you for deigning to explain your objections in detail. That is actually quite helpful, as it has decreased my interest in GRC. I appreciate your time in reading the whitepaper and pointing out the deficiencies in the design.
- tal8d 6y agoFull disclosure: I didn't read the entire paper, I just know where the landmines are in these "Better than POW with no downside!1!!" altcoin papers - as they've been around for a long time. After the 5th or 6th time scrutinizing a self-styled bitcoin killer, it gets pretty familiar. But I certainly encourage everyone to read the whitepaper (and genuinely understand) for whatever cryptocurrency they're looking at, and then examine the source. That is the way it was done in the beginning, and those that did were always better off for having done it. Also, final bit of unsolicited advice: if somebody tells you to diversify your crypto portfolio, they're either dumb or they think you are.